Mexico's Mendel secures $35M to tackle LatAm's corporate spend management problem

via TechCrunch

December 2nd, 2021

We believe in the power of the "tech" inside fintech. To help companies better manage their expenses, Mendel has developed a powerful software to reduce the hands, heads, time and money involved in expense reconciliation processes.

By creating a powerful software, the Argentinian company has managed to secure recurring Saas fees in addition to interchange fees charged for their corporate cards usage. With 150 onboarded clients, Mendel locked a $15M equity investment for their Series A which attracted leading venture capital funds.

Mendel, a corporate spend management solution for enterprises in Latin America, announced today that it has secured $35 million in debt and equity.

The Mexico-based startup closed the $15 million Series A round and $20 million debt financing after participating in Y Combinator’s Winter 2021 cohort. ALLVP and Infinity Ventures, a firm founded by a trio of ex-PayPal execs, co-led the equity raise. A number of angel investors also participated, including Airbase founder and CEO Thejo Kote, Auth0 co-founder and CTO Matias Woloski, Mercado Libre CFO Pedro Arnt, Kavak COO Federico Ranero and Bain Capital’s Keri Gohman, among others.

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